Structured and arranged long-term, fixed-rate senior debt to recapitalize a seven-property SRO portfolio containing 242 residential units and one retail space.
Challenges
The sponsor, who was historically a bank borrower, desired a non-recourse financing option and requested maximum proceeds for a non-conforming asset class. Additionally, a fire in one of the buildings threatened to derail the closing process.
Solutions
Identified a conduit lender, who through its association with a B-piece buyer, was able to get comfortable with the underlying collateral and mitigate kick-out risk. The non-recourse loan achieved high leverage by cross-collateralizing the portfolio, thereby creating credit enhancement for the smaller assets.
sschumer@Eyzenberg.com
D: (305) 995-0777 ext .306
C: (305) 360-9625
Mr. Muniak joined Eyzenberg & Company in 2022 to focus on debt and equity originations in his newly adopted home of South Florida.
Mr. Muniak is Co-Founder and Managing Partner at Makal Equities, a real estate investment firm specializing in multifamily, industrial and retail property in Southern California and New York. He invested, sourced, and underwrote all commercial development and investment opportunities during this time. Furthermore, Mr. Muniak’s previous position as Managing Director at a Family Office in New York allowed him to develop his skills as he increasingly became involved in all aspects of fundraising and deploying the fund’s investment mandate. In his career to date he has invested, sourced, and underwrote commercial development and investment contracts, exceeding 100 million dollars.
Furthermore, Mr. Muniak is a Board Member and shareholder of the Mangia Hospitality Group in New York, where he oversees all aspects of fundraising, including the Group’s investment mandates. As a strategic dealmaker, Mr. Muniak is responsible for retail acquisitions & new developments and acts as a liaison with City and State Government bureaus. Due to his established reputation as a key player in the real estate and hospitality industry, Mr. Muniak has managed to build a wide portfolio of bicoastal projects and has worked closely with top developers, entrepreneurs, and restaurateurs nationwide.
Originally from New York City, Mr. Muniak graduated from Johnson & Wales University in Rhode Island, and completed his graduate Business certificate in Sydney, Australia. He is a long-time martial artist and a philanthropist.
amuniak@eyzenberg.com
D: (305) 995-0777 ext. 309
C: (917) 536-1057
